Willamette Valley Vineyards Inc. (WVVI) filed Quarterly Report for the period ended 2009-06-30.
WILLAMETTE VALL Co. is engaged in the production and sales of premium super premium and ultra premium varietal wines. Willamette Valley Vineyards Inc. has a market cap of $17 million; its shares were traded at around $3.5 with a P/E ratio of 21.9 and P/S ratio of 1. Willamette Valley Vineyards Inc. had an annual average earning growth of 34.3% over the past 5 years.
Highlight of Business Operations:
As a result, the Company generated $0.05 and $0.09 basic earnings per share during the three and six months ended June 30, 2009, an increase of $0.02 and $0.05 basic earnings per share versus the comparable prior year periods.
Interest income decreased $16,222 and $17,193, or -100% and -100%, for the three and six months ended June 30, 2009, respectively, compared to the comparable prior year periods. Interest expense for the three and six months ended June 30, 2009, respectively, increased $18,501 and $28,835 or 104.4% and 72.0%, compared to the corresponding prior year periods. The average interest rate paid for the three and six months ended June 30, 2009, respectively was 4.6% and 4.6%.
Income tax expense was $169,846 and $287,388 for the three and six months ended June 30, 2009, compared to $105,017 and $145,085 for the prior year periods. Our estimated tax rate for the three and six months ended June 30, 2009 was 40.1% and 40.7%,respectively.
As a result of the factors listed above, net income for the three and six months ended June 30, 2009 was $253,784 and $418,940, respectively, compared to net income of $157,527 and $217,625, respectively in the comparable prior year periods. This is an increase of 61.1% and 92.5% versus 2008 for the three and six months ended June 30, 2009, respectively. Diluted earnings per share was $0.05 for the quarter ended June 30, 2009, compared to $0.03 per diluted share, in the comparable prior year period. Diluted earnings per share for the six months ended June 30, 2009 was $0.09 compared to $0.04 in 2008, an increase of 125%.
At June 30, 2009, we had a working capital balance of $9.9 million and a current ratio of 4.11:1. At December 31, 2008, we had a working capital balance of $9.4 million and a current ratio of 4.23:1. We had a cash balance of $0 at June 30, 2009, compared to a cash balance of $350,361 at December 31, 2008. The decrease in cash in the year was primarily due to the build-up of inventory and payments on grape contracts related to the 2008 harvest.
Total inventory for Bacchus Distribution was $2,546,373 of purchased wines and $413,279 of non-wine merchandise at period end June 30, 2009. This compares to produced wine inventory of $4,942,035 and $3,717,976 of non-wine merchandise and work-in-process for the same period. At June 30, 2008 total inventory for Bacchus Distribution
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